Thomas Reep, was the president of First National Bank in Clarksville. R.L. Moore approached Reep requesting the bank to open an account in the name of Texas Continental Express, Inc., a corporation owned by his two sons. R.L. had no affiliation with the corporation nor any financial interest in it. R.L. promised Reep that he would open several accounts in First National that would more than amount to the business of his sons. R.L. assured Reep that if anything came up in connection with the sons’ account, Reep was to contract him directly. Upon these conditions, First National proceeded to furnish a regular checking account and bank draft services for Texas Continental. Sometime later, First National paid two drafts overdrawing the account by $448,942. When Reep contacted R.L. about the overdrawn account, R.L. assured Reep that money would be deposited in the account. When Reep called back a few days later to find out why the money had not been deposited, R.L. informed Reep that his wife had suffered a nervous breakdown the night before and the deal was off. First National Bank brought suit to enforce R.L.’s promise to pay the debts of Texas Continental. What is the likely outcome? Best answer:

R.L.’s defense will be the statute of frauds. He will most likely win. More test answers on https://studyhippo.com/ch-15-written-contracts/

Assume ABC Company deposits $70,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after five years if interest is reinvested?

94,070 70,000×1.34392=94070 More test answers on https://studyhippo.com/chapter-6-calculations/

When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, then A) the liabilities of the First National Bank decrease by $10. B) the reserves of the First National Bank increase by $10. C) the liabilities of Citibank decrease by $10. D) the assets of Citibank decrease by $10.

A. the liabilities of the First National Bank decrease by $10 More test answers on https://studyhippo.com/economics-quiz-chapter-10/

Currency held in the vault of First National Bank is:

not counted as part of the money supply. More test answers on https://studyhippo.com/macro-chap-14-15/

After the First National Bank’s charter expired,

a Second National Bank was chartered a few years later More test answers on https://studyhippo.com/national-bank-2-4637/

Dan bought three new trucks with a loan obtained from the First National Bank. If he fails to repay the loan, the bank will repossess the trucks. The trucks are

collateral More test answers on https://studyhippo.com/chapter-16-test-answers/

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First National Bank Flashcards, test questions and answers

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What is First National Bank?

First National Bank is one of the most trusted financial institutions in the United States. Founded in 1864, it has provided a wide range of services for customers for over 150 years. At First National Bank, customers can find a variety of banking options such as savings accounts, checking accounts, CDs, IRAs and mortgages. The bank also provides wealth management services and credit cards with competitive rewards programs. First National Bank prides itself on offering outstanding customer service as well as innovative products that meet customers’ needs. It takes time to understand each customer’s personal financial goals and develop tailored solutions that are cost-effective and easy to understand. Additionally, First National Bank works hard to ensure its customers receive the best advice possible by providing easily accessible online services through its website or mobile app which make all transactions more convenient than ever before. The bank also offers many benefits such as free access to online banking tools which allow customers to keep track of their finances 24/7 from anywhere in the world without having to visit a branch location. Customers can also take advantage of discounts on various products when using their debit or credit cards from First National Bank at participating retailers across the US. At First National Bank, the safety and security of its customers is paramount – making it one of the safest banks in America with a strong track record for protecting customer data and funds throughout its history. The bank utilizes advanced encryption technology along with anti-fraud measures such as voice recognition systems which help ensure each transaction made through their system is secure and private. Overall, First National Bank continues to be an industry leader when it comes to providing quality banking solutions for individuals across America who are looking for reliable service at an affordable price point – making them an excellent choice for anyone wanting access to top quality banking solutions while still being able to enjoy peace of mind knowing that their money is safe and secure.